Building new business doesn't have to be a bother
Medical providers with Indigo Urgent Care, along with the Hayden Chamber of Commerce and members of the public, celebrated the upcoming grand opening of Indigo Urgent Care's new location at 151 W. Prairie Avenue, Hayden.
After six years teaching business management and entrepreneurship at North Idaho College, assistant professor Dean Miles said he gets a lot of common questions.
How do small businesses find money?
Is borrowing or taking on an investor the best choice?
How does the financial portion of running a business work?
How does the "growth phase" of building a business work?
How should I tackle creating a good business plan?
Although they often are armed with strong technical skills in their chosen field, Miles said he often has to help them calibrate how financial management should work in a business and how to interpret what the balance sheet, cash flow and profit and loss statements mean.
"Most students don't understand the 'growth phase' of business. What should they do if they are a 'victim of their own success' and their orders double or triple rapidly?" Miles said.
Ensuring that stability is built into a new business is essential.
Joel Nania of the Small Business Administration said only about one in four businesses make it past year two, depending on the industry.
Some businesses, like setting up a dental office are generally considered to be more stable and reliable when it comes to the need in the community. With other types of business, entrepreneurs can seek better outcomes by seeking mentorship and guidance from local, state and federal resource.
Starting with the SBA, aspiring entrepreneurs can access a lot of information about what paperwork is needed and where they can seek out mentorship in the community.
"We get calls every day from people who are thinking about starting a small business everywhere along that spectrum of, 'I’m thinking about doing a small business' all the way to 'I’ve had a small business for 40 years and I want to sell it' and everything in between," Nania said.
Reaching out both to bolster local connections and learn what resources are available for businesses, Nania said people starting out with a new business should always reach out to their local chamber of commerce.
If they're looking for mentorships, https://www.score.org/ serves North Idaho and Spokane, connecting entrepreneurs with certified volunteer advisors.
"They do not charge for their advising, so any existing entrepreneur can use them and they're giving good objective advice right up front," Nania said.
There are also free webinars to peruse, paired with in-person advice they can glean from a conversation with a mentor over coffee.
Nania said many people starting a business don't realize that an overarching plan is key.
He advises people to start with the perfect picture.
What is their vision? Where is this going to end up, what would they like to have five years from now?
"Use your imagination, then go back to the beginning. Where am I today and what's it going to take for me to get to that vision in the future?" Nania said.
A business plan outline should also include the cost of starting a website, equipment needed and funds to utilize marketing strategies.
If a business owner eventually pursues financing, they will need a business plan to present.
Nania counsels people to plan carefully and make sure their new business has all of their pieces they need in place before they invest everything they have.
"'What are my risks, what are my rewards and is it a good time for me to do this?' You never want to bet more than you can afford to," Nania said.
Small business resources:
Helpful information is available on beginning a business at www.sba.gov/business-guide/launch-your-business and https://business.idaho.gov/.
Interested entrepreneurs can call Joel Nania with questions at 509-353-2810.
The North Idaho Small Business Development Center helps existing businesses or start-ups grow through no-cost confidential coaching, affordable training and helpful resources. Entrepreneurs can learn about licensing and paperwork that should be submitted, how to register a business and gain important contacts for government organizations.
They assist aspiring entrepreneurs by evaluating their business concept, and helping with forms and licenses, financing and loans and preparing a business plan. The office also provides mentorship assistance.
The North Idaho College Venture Network is a hub of resources and services dedicated to helping people build and expand their business or product. The NIC Venture Network is available both to NIC students and community members.
